TBZ closes Q1 FY’13 with net profit of INR 162.7 million

The retailer expects overall volumes to recover in 2nd half of FY13
TBZ closes Q1 FY’13 with net profit of INR 162.7 million

Leading Indian retailer Tribhovandas Bhimji Zaveri Ltd. (TBZ) closed its first fiscal quarter of 2012 on June 30, 2012 with net sales worth INR 2.82 billion. The period churned a net profit for the company, worth INR 162.7 million.

Net profit margin was maintained at 5.7 percent in the said three months.

Commenting on the financial performance of the Company, Mr. Shrikant Zaveri, Chairman and Managing Director, Tribhovandas Bhimji Zaveri, said, “In the first quarter following the successful completion of the IPO, our focus was on reinforcing the brand and its premier wedding jewellery positioning. We deployed an interesting sales mix of gold, diamond and fusion jewellery while unveiling exciting new collections such as Dohra collection to entice the customers and increase same store sales. For the first time ever, TBZ opted for a gold loan facility during this quarter as a best-of-breed business practice to help enance business efficiencies and mitigate the risk of gold price volatility.”

The company accounted that lower gold volume due to fewer weddings and festivals, jewellers strike and the gold buying festive day of Gudi Padwa which took place in the last quarter of FY 2012 impacted its sales in the quarter.

According to Mr. Zaveri, overall volumes are expected to recover during the 2nd half of FY13. The company he said is set to maintain the momentum of its retail expansion across key markets in sync with the IPO disclosures, which will include unveiling new collections, its innovative marketing and promotional initiatives. For the year ended March 31, 2012, net profit of TBZ Ltd. was Rs. 571.93 million and total income from operations was Rs. 13,854.70 million.


Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet

logo
Diamond World
www.diamondworld.net